Repeat after me:"The only clients of a bank are its' shareholders"
How Bank of America Gave Away My Money
41–50 of 261 posts
Re: How Bank of America Gave Away My Money
#42As far as I know, the only correct action is to write a letter detailing the entire situation to the Office of the Comptroller of the Currency in Washington DC.
I'm surprised no one has mentioned this yet.
Re: How Bank of America Gave Away My Money
#43In The Netherlans, but I suspect it is EU wide, they won't check the name at all when doing an ordinary transfer. And this is all banks.
You mean the IBAN? We've used it to send money back and forth between people and companies all the time. For the most part it works. And if there is a dispute or error it can be reversed.
No. They do not check the name at all. They use the IBAN. They do not verify the IBAN against the corresponding name.
Re: How Bank of America Gave Away My Money
#44Earlier quoted context omitted.
A bail-in is when savings are used to finance the bank or the state by turning them into illiquid debt, bank shares, or when they are simply forfeited. This happened in Cyprus in 2013 for example.
If this ever happens in the US it really won't matter where your savings are.
In USA, if savings are under your mattress, they are protected by 2nd Amendment...
Re: How Bank of America Gave Away My Money
#45Don't mess around with the court, the whole thing is Bank of America's problem, don't let them make it your fault or the courts. They have debited the wrong account, you can prove this; in the UK if this happened and they didn't return me my money I would take them to the small claims court which can be filled in online. Surely California must have this?
Australia has a banking ombudsman that resolves disputes like this, though I've never had reason to use it. There's also a telecommunications ombudsman - it's a magic word whenever the phone companies screw up (a fairly regular occurrence, though less so recently), I just say I'm recording this call to send to the ombudsman and everything is fixed really quickly.
I believe there a sort of government service but the banks/telcos pay for them by each complaint they get charged - it's free for consumers and works well.
I realise it doesn't help the ops current problem but just mentioning it as a good solution.
Re: How Bank of America Gave Away My Money
#46I don't understand why he's taking this on himself to be honest. If I was incorrectly named in some sort of lawsuit, my first reaction would be to call my lawyer. Who knows if there's also an incorrect arrest warrant out for example?
Re: How Bank of America Gave Away My Money
#47Earlier quoted context omitted.
It's more likely that the big banks will be bailed in , not bailed out. Which means your money is less safe there. Also, credit unions have a different insurance scheme than the banks, which insulates them from this. Finally, credit unions are more aware of possible jeapardy, and so tend to act more prudently.
Sorry, I don't understand, what do you mean by "bailed in"?
That the bank's creditors have to bear (a part of) the losses.
Re: How Bank of America Gave Away My Money
#48In The Netherlans, but I suspect it is EU wide, they won't check the name at all when doing an ordinary transfer. And this is all banks.
You mean the IBAN? We've used it to send money back and forth between people and companies all the time. For the most part it works. And if there is a dispute or error it can be reversed.
[deleted]
Re: How Bank of America Gave Away My Money
#49Re: How Bank of America Gave Away My Money
#50Reminds me a bit of this article -- similar names crossed up in beurocratic negligence.
https://www.theguardian.com/us-news/2017/apr/03/identity-the...